Bittime - The price of ETH (Ethereum) managed to break through a crucial level after surpassing the $3,700 mark. This price increase has sparked questions among investors: will this bullish trend last, or will a price correction occur? To answer this question, AMBCrypto conducted an analysis of various crypto metrics.
Whale Dominance, Unwavering ETH Price
According to CoinMarketCap, ETH's value skyrocketed more than 6% in the last 24 hours, breaking through the $3,700 mark. At the time of writing, Ethereum was trading at $3,691.87 with a market capitalization of over $443 billion.
Even though the token price experienced a slight decline, whale activity around it remained high. AMBCrypto previously reported that whale activity towards this token has increased in recent times. This trend appears to be continuing, as can be seen from the high number of whale transactions.
Additionally, ETH holdings by the top 100 addresses also increased last week, indicating that whales are still accumulating this token.
However, amidst high whale activity, several metrics actually signal the potential for a price correction. Data analysis from CryptoQuant revealed that net ETH deposits to exchanges were observed to be high compared to the 7-day average.
An increase in net deposits can be interpreted as greater selling pressure. The ETH premium in Korea is also negative, indicating the dominance of selling sentiment among Korean investors.
In the derivatives market, bearish signals are also visible. The buy/sell ratio of takers on ETH turned negative, indicating that short-term investors also sold ETH.
Check Today's Crypto Market:
| ETH/IDR | SOL/IDR |
| BTC/IDR | ATOM/IDR |
| USDT/IDR | ARB/IDR |
Possible Price Correction and Support Levels
Given several metrics indicating bearish signals, AMBCrypto analyzed the liquidation heatmap to identify nearby support levels. Based on data analysis from Hyblock Capital, ETH has a strong support level at around $3,300.
Therefore, if this token experiences a price correction, ETH could potentially drop to that level before starting a new bullish trend.
ETH Price Technical Analysis
Source: Bittime.com
On March 6, 2024, the price of ETH (Ethereum) was at IDR 60,238,402 per coin, an increase of 2.99% in 24 hours.
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To predict where ETH will go next, AMBCrypto looks at its daily chart. Our analysis shows that the potential for ETH price correction is high. ETH's Relative Strength Index (RSI) indicator has entered the overbought zone.
In addition, the Chaikin Money Flow (CMF) indicator has also decreased, further increasing the chances of price declines. However, the Moving Average Convergence Divergence (MACD) indicator is still showing a bullish signal, indicating the potential for long-term strengthening.
Conclusion
ETH price is currently at a crossroads. Although whale activity and bullish sentiment from the MACD indicator provide hope, the RSI and CMF indicators which are in the overbought zone as well as high net deposits to exchanges are warning signals of potential price correction. Investors need to pay attention to developments in ETH metrics and charts regularly to make the right investment decisions.
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How to Buy Ethereum (ETH) on Bittime
You can buy and sell Ethereum (ETH) in an easy and safe way via Bittime . Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti.
Ethereum (ETH) is available on Bittime with the market pair ETH/IDR . To be able to buy ETH/IDR at Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application.
Learn the complete guide on how to buy Ethereum (ETH) on Bittime.
Monitor price chart movements for Ethereum (ETH) , Bitcoin (BTC) , Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.
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DISCLAIMER : This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.
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